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Crypto Trader Predicts Significant Rise for One Ethereum-Based Altcoin – Details on Target Provided
Altcoin Sherpa, a well-known pseudonymous trader, has pinpointed an Ethereum (ETH)-based altcoin that he believes could rise by nearly 30% from its current value. Maker (MKR), the governance token within the Maker ecosystem, has drawn Altcoin Sherpa’s interest due to its “immense strength” in the prevailing bearish market conditions.
The trader notes that if MKR can surpass the resistance level of approximately $1,330, it may significantly increase to above $1,700. Altcoin Sherpa is impressed by MKR’s performance amid these tough market circumstances and views it as a prominent opportunity compared to other altcoins.
Regarding Bitcoin (BTC), Altcoin Sherpa shares his perspective on its current status. He believes that if BTC rises above the $29,750 resistance level, it could potentially return to the $30,000 – $32,000 range. He considers this price zone critical, as several four-hour exponential moving averages (EMAs) are converging, indicating a significant decision point for the leading cryptocurrency. If Bitcoin breaks through convincingly, Altcoin Sherpa anticipates it could reach up to $40,000 in the medium term.
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Nonetheless, the trader remains cautious and seeks more strength and time before feeling fully confident in this forecast. He recognizes the possibility of a rejection and a return to the prior range.
Altcoin Sherpa also provides his insights on the blockchain oracle Chainlink (LINK). He regards LINK as a “strong” altcoin and is interested in purchasing opportunities between approximately $5.50 and $7.50. The trader considers LINK a dependable asset and views it as a secure altcoin investment.
At the time of writing, MKR is priced at $1,315, BTC at $29,498, and LINK at $7.62. Altcoin Sherpa remains optimistic about Bitcoin, projecting it could reach $35,000 – $40,000 in the midterm. However, he is cautious and not fully committing to his predictions, maintaining spot-long positions and keeping an eye on active trades.
It is important to note that cryptocurrency trading is highly speculative and involves inherent risks. Investors should perform their own research and assess their risk tolerance before making investment decisions based on analysts’ forecasts.
The post Crypto Trader Says One Ethereum-Based Altcoin Ready To Surge by Double Digits – Here’s His Target appeared first on BitcoinWorld.
